We put the Times' calculations into a chart to show the vast differences in money being reportedly spent (click to enlarge):

Adam Taylor / Business Insider

While it's worth noting that there are always some discrepancies in how Olympic costs are calculated (perhaps why the Times' number doesn't quite fit with the AP's), it certainly puts the numbers in context — Russia's Olympic spend is more than twice as much as the next most expensive Winter Games, held in Nagano in 1998.

So, right now, Sochi may not be the best investment for Russia. But Putin should take heart in the 2012 London Summer Games, which — despite widespread rumors it would be a disaster — are generally seen as having been a net positive for the UK.